Which strategy is best for your legacy goals? Understand the tax implications, benefits and drawbacks of each strategy.

If you convert $20,000 to a Roth IRA in 2023, you'll need to wait until 2028 to be eligible to take qualified distributions. If you convert another $20,000 to a Roth IRA in 2024, you'll need to ...

Qualified Roth IRA withdrawals, however, are tax-free. Eligibility to contribute to a Roth IRA is based on your income. Anyone with earned income can contribute to a traditional IRA, but your ...

You qualify as an eligible designated beneficiary if: Under the old rules, which apply if your loved one passed away in 2019 or earlier, you have to take RMDs when you inherit a Roth IRA from ...

Traditional IRAs can delay the taxes until retirement, but with Roth IRAs, you pay tax now rather than later. Here's how it works: With a Roth IRA, there is no up-front tax break, but you don't ...

Neither your age (62) nor your IRA balances ($950,000) would restrict your eligibility for a Roth conversion. It is not too late to make this conversion. The only age-related restriction relates ...

A backdoor Roth IRA is fairly straightforward. If you make too much to contribute directly to a Roth IRA, you contribute to a ...

Here is the eligibility requirements for a backdoor Roth IRA in 2024: While the ultimate goal of a backdoor Roth IRA is to generate tax-free income in retirement, the consequence usually is that ...

Contributions to IRAs should be made early for maximum growth. Choosing between Roth and traditional IRAs depends on your tax ...

Many investors squeak in their contributions right before the deadline rather than investing when they’re first eligible (Jan ... Assuming Roth IRA contributions are best Funding a Roth instead ...

The Backdoor Roth IRA is a valuable retirement savings tool for high-income earners looking to maximize tax-free retirement ...

Roth IRA contributions can be withdrawn anytime without taxes or penalties. Converted Roth IRA funds are tax- and penalty-free after five years from Jan. 1 of the year of the conversion.